Tata Motors rose 0.21% to Rs 509.95 at 10:00 IST on BSE after the company said that it is planning to offer the fourth series of its rated, listed, unsecured, redeemable, non-convertible debentures aggregating to Rs 400 crore.
The announcement was made after trading hours yesterday, 25 July 2016.Meanwhile, the BSE Sensex was up 15.12 points, or 0.05%, to 28,110.46.
On BSE, so far 1.12 lakh shares were traded in the counter, compared with an average volume of 8.94 lakh shares in the past one quarter. The stock hit a high of Rs 513.50, which is also a 52-week high for the stock. The stock hit a low of Rs 506.10 so far during the day. The stock hit a 52-week low of Rs 266 on 11 February 2016. The stock had outperformed the market over the past one month till 25 July 2016, rising 13.34% compared with 6.43% rise in the Sensex. The scrip had also outperformed the market in past one quarter, gaining 23.71% as against Sensex's 9.41% rise.
The large-cap company has an equity capital of Rs 577.44 crore. Face value per share is Rs 2.
Tata Motors said that the company is holding a meeting of its duly constituted committee of the board on 28 July 2016 to consider the offering of non-convertible debentures (NCDs). The proposal to issue NCDs is pursuant to the approval of the shareholders passed vide special resolution at the 70th annual general meeting of the company held on 13 August 2015 and the board of directors' resolution passed at its meeting held on 30 March 2016.
Tata Motors' consolidated net profit jumped 201.6% to Rs 5177.06 crore on 18.8% growth in net sales to Rs 79926.12 crore in Q4 March 2016 over Q4 March 2015.
Tata Motors is a market leader in commercial vehicles in India. The company's British unit JLR sells premium luxury cars.
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